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] >> a new report by the tax policy center says middle class family pays $2,000 more in taxes next year if the fiscal cliff happens in january when the payroll tax holiday ends. economists discussed the issue today at the urban institute. this is an hour and a half. [inaudible conversations] i think we are ready to get started, everybody. [inaudible conversations] good afternoon. welcome to the urban institute's first tuesday. i'm editor of the tax blog, tax blocks, and we're here to discuss taxes and the fiscal cliff. washington lives in sue perlatives. everything that happens here is the biggest, the worst, or the most important. how many times, for instance, have you been told that some politician is about to give the speech of his life until he gives the next speech? the taxmeggedon has the potential to be a watershed in fiscal policy. it's true. it could be another way to kick the can down the road, but it could be a tipping point to end a decade of fiscal gridlock. yesterday, the tax policy center released a new study on the cliff, and we'll talk in details, but to summarize, it f
, everybody. as howard mentioned, a big report about the tax components of the fiscal cliff and what the effects could be on american households. i want to make five basic points that we raised in that study. the fiscal cliff really is big. it would be more than $500 billion in a tax increase. this works out to a tax increase of more than 20%, which is very large. looking at whether this would be the largest tax increase in history. for the average household, that works out to about $3,500. someone who earns around $50,000, it would be somewhere in the neighborhood of $2,000. the second point is it affects virtually everybody. close to 90% of households would see their taxes go up. there are a few folks out there, primarily older seniors and citizens who do not have children who might not be affected, but the vast majority of american households would be affected by going off of the cliff. the first order for business is running through what the effects will be. those of you in the room have a handout that summarizes things. those of you at work and at home should be able to find thi
institute for a discussion on the scheduled tax increases the percent to hit in january, including the end of the bush era taxes, payroll tax holiday hikes and invested in come also. a new tax policies and to report says nothing is done. average marginal tax rates would go up by five percentage points on labor income, seven points on capital gains and more than 20 points on dividends. along with more than a trillion dollars in budget cuts. also starting january or known as the fiscal cliff. it should get under way in just a moment. [inaudible conversations] >> good afternoon, and welcome to the urban institute's first tuesday. my name is howard gleckman of the tax center blocks and we are here to discuss taxes in the fiscal cliff. as you all know, washington lives everything that happens here is the biggest or the worst were the most important. how many times for instance have you been told some politician is about to give the speech of his life until he gives the next speech. the tax armageddon has the potential to actually be a watershed in the fiscal policy. true it could be another opp
on 2013 tax increases and the so-called "fiscal cliff." activity p.m., and how corporate money is affecting the congressional races this year. c-span brings you select a vice presidential debates from the past 25 years. here's the lineup. at 7:00, at dick cheney and john edwards. that is followed by then senator joe biden and sarah palin at washington university. at san 3:00 p.m., a vice president george bush and rep ferraro. at 11:45 p.m., and center dan lloyd and signaturesaid mr. bentsen. >> on the fourth day of being in office, a weaver sitting in the oval office. larry summers was looking at this year's budget. you're going to have $1 trillion deficit. he said i have not done anything yet. >> we can not keep looking our children in the eye knowing that we're going to give them a diminished future because we're spending their money today. it is a very simple idea. mayor ron and i am going to bring it to washington. we have to stop spending money we do not have. we must cut spending. we must get this balanced budget. we must get this debt under control. >> congressman paul r
, for that matter, those two. to finance a big across the board tax cut but not tell us how. not what big across the board deductions he'll deny people in order to pay for it or even what taxes he's been paying himself over the years. or how he'll finance all those popular things in the president's health care plan once he kills the plan itself. lots of secrets. secrets because he himself has no earthly idea what the answers are. i'm joined by democratic strategist bob shrum and salon's joan walsh. first, however, we have two new national polls on the presidential race. let's check the "hardball" scoreboard. according to a new "washington post"/abc news poll, president obama has a two-point lead holding there, 49%/47%. same score in the new politico poll. obama by two, 49%/47%. "the new york times" this weekend reported on the two campaigns' ongoing debate preps. here is what they said about romney's prep. quote, mr. romney's team has concluded that the debates are about creating moments and has equipped him with a series of zingers he's memorized and has been practicing on aides since august. b
. david: also one of america's greatest living economists tom sowell will join us with his take on the tax debate we'll hear about tonight. lauren: we'll tell you what drove the markets today with the data download. stocks edged higher on stronger than expected economic reports. all three major indices closing in the green but well off of session highs. eight of the 10 s&p sectors posting gains. telecom and consumer discretionary were the top performers today. we saw fallback in energy as well as materials. those lagged. the payroll services firm, adp, said the economy added 162,000 private sector jobs last month. that topped estimates of 143,000. now the august number, that was revised down by 12,000 to 189,000. of course we have to look ahead to the big government jobs report to flesh this all out on friday morning. >>> the services sector that expanded at its fastest pace in six months in september boosted by a pickup in new orders. the institute for supply management nonmanufacturing index that looks at 18 services industries increased to 55.1 last month from 53.7 in august. david: all
been running around the country for the last year promising $5 trillion in tax cuts that favor the wealthy, the fellow on stage last night said he didn't know anything about that. the real mitt romney said we don't need any more teachers in our classrooms. but don't boo, vote. but the fellow on stage last night, he loves teachers. can't get enough of them. the mitt romney we all know invested in companies that were called pioneers of outsourcing jobs to other countries. but the guy on stage last night, he said that he doesn't even know that there are such laws that encourage outsourcing. he's never heard of them. never heard of them never heard of tax breaks company for companies that ship jobs overseas. he said if it's true, he must need a new accountant. now, we know for sure it was not the real mitt romney because he seems to be doing just fine with his current accountant. so you see, the man on stage last night, he does not want to be held accountable for the real mitt romney's decisions and what he's been saying for the last year. and that's because he knows full well that
's why he cut taxing for families and small businesses. balls we believe that teachers and firefighters should not be paying higher tax rates than millionaires and billionaires, not in america. [applause] he got the all the industry back on its feet and today new cars are rolling off the line at proud american companies like g.m. and yes, while we still have a long way to go to rebuild our economy, understand we have had 30 straight months of private sector job growth, a total of 5.1 million new jobs under this president! good jobs. right here in the united states of america. [applause] let's talk about the health of our families. see, barack didn't care whether health reform was the easy thing to do politically. that's not who he is. he cared that it was the right thing to do, and thankfully because he fought for health reform, today our parents and grandparents on medicare are paying hundreds less for their prescription drugs. our young people can stay on their parents' insurance until they're 26 years old. [applause] insurance companies now have to cover basic preventive care. things
and in this country, taxed more. if you tax small business, they are not going to hire. i don't know how you don't figure out what mr. romney so eloquently said in that debate. talking about politics of the 1% or the 47%, conservatives want the best for all folks, and yes, we mean thewe don't want them trapped in poverty. we want them married, paying their taxes -- host: we will get katrina vanden heuvel's response. guest: yeah. listen, if marriage will promote the well-being of the couple, children, great. but in my mind, it is and not just that. that is too simplistic. it is part of the equation. without good jobs, without ensuring that workers have rights and a time -- at the time when big business is so powerful, without doing small things that happened around this country but have taken too much effort, giving women, families early child care, the sense of a community coming together to lift up families, marriages not sufficient. to reduce it to that is too simplistic. no one is saying marriage isn't important. it is not the only a factor in building a family that is doing well. the fact th
they don't want debates over you're going to rai taxes, you're not, 47% comments said at fund raisers. they want specific actionable items. >> the t-shop owner we spoke to, so frustrated about obamacare. she wanted new proposals put on the table. and it is heartening. these are folks who are undecided because they're taking their time to make up their mind and they're doing it as he had aggravate indicated voters. >> john avlon, thank you very much. >>> next, what should we expect president obama and mitt romney to say tomorrow night? are they going to take the advice of those swinging voters? well, officials from both campaigns, outfront. >>> plus, a lot ridinging on the debates and we're not talking about courting voters. we're talking about money. i mean incredible amounts of money. we'll be back. chevrolet malibu eco. ♪ sophisticated new styling, the fuel-saving intelligence of eassist, 37 mpg highway, and up to 580 highway miles on a single tank of gas. ♪ the all-new 2013 chevrolet malibu eco. ♪ it has everything to put you in the malibu state of mind no matter what state
they don't want debates over you're going to raise taxes, you're not, 47% comments said at fund raisers. they want specific actionable items. >> the t-shop owner we spoke to, so frustrated about obamacare. she wanted new proposals put on the table. and it is heartening. these are folks who are undecided because they're taking their time to make up their mind and they're doing it as educated voters. >> john avlon, thank you very much. >>> next, what should we expect president obama and mitt romney to say tomorrow night? are they going to take the advice of those swinging voters? well, officials from both campaigns, "outfront." >>> plus, a lot riding on the debates and we're not talking about courting voters. we're talking about money. i mean incredible amounts of money. we'll be back. now, that's what i call a test drive. silverado! the most dependable, longest lasting, full-size pickups on the road. so, what do you think? [ engine revs ] i'll take it. [ male announcer ] it's chevy truck month. now during chevy truck month, get 0% apr financing for 60 months or trade up to get the 2012 c
worse economic news again. we saw that corporate tax has dropped by about a third from precrisis levels, basically small businesses are just not growing in this environment and big businesses are chasing profits abroad. so the government is just not getting the tax take on that front. in the asset classes, you can see some of the levels not that good at the moment. bundes still attracting a lot of attention. we've been waiting on spain to fishlgly l-- officially ask fo that aid. nonetheless, we're not seeing too much pressure on the periphery, 5.75%. let me send it back to you. >> thank you very much. the first presidential debate. john harwood is on the ground in denver. he joins us with the latest nbc news "wall street journal" poll. it looks like things are starting to even out at least a little. is this the bounce that president obama got after the democratic convention coming back down? >> well, i think it's the bounce from the convention and the surge that he got on top of the convention with that 47% video, so there is some good news for romney. not only our national poll, but a
tax plan without blowing up the deficit or sticking it to the middle class. that's the math . we can't afford to go down that road again. >> steve: so the day after his terrible performance even the new york times called him president xannex. they have gone in damage control mode . they were portraying romney as an extremist and now back to romney is a flip-flopper and a big fact liar . >> brian: i thought the senator was right when team obama got a earful. the strategy was to lay back and not make major mistakes. governor romney will be a true choice. he defined himself as competent and capable . he was making himself relevant and holding the job. that's what you walk away . he undid over two million worth of advertising. >> gretchen: he had a answer about the five billion, trillion argument that the president said. he said that is not my tax plan. and you can see the difference when they are on a stage together going after each another and back out on the stump. on the stump you can say whatever you want. these are people supporting each cand date. this is a moment romney respondin
and feeding off taxpayer money and not doing their job. .. and to close at, what is taking a 15% tax increase or we would have to reduce our personnel by 10%. that is 40 out of 400 employees would have to let go. so for the last 10 months, this is in my largest haul. i've the market every day in the budget turned to come up with creative ways to increase revenue, creative ways to reduce costs. we have a laundry list of initiatives. and yesterday, i propose my budget proposal for the next year that will close the $3 million deficit with only three layoffs in the 2.7% tax increase. a full percentage point below the average of the last four years. back on about 12 likes on facebook. i got some presidential, 500 likes on facebook. this'll be a real head, sherry. >> sometimes a refresh. there must not be reading it. >> but it is as a tool, the important conversations, those have to have when you have so much attention. they can give you their attention. you can give them yours. there is no push but my to replicate that. but as a forum, to share the implications and sometimes to allow a dialect to
about the tax cuts for the millionaires proposed by romney and ryan's budget plans. he was a guest on fox news sunday with chris wallace and the vice presidential candidate made some missteps of his own. >> how much would it cost? >> it's revenue neutral. >> i'm just talking about -- the cut in tax rates. >> it's lower, all americans tax rates. it's revenue neutral. >> it's not unless you take away the deductions. we're going to get to that. the first half. lowering the tax rates. does that cost $5 trillion? >> no. >> the master of the power point was having a hard time making a point. let's break down what paul ryan is actually saying here. romney and ryan will give $5 trillion in tax breaks to the wealthiest americans. subtract an unspecified amount of money of unnamed deductions. somehow you're going to get a revenue neutral tax plan. it's a plan so bogus not even a fox news host can understand it. >> you haven't given me the math. >> i don't have the -- it would take me too long to go through the math. >> paul ryan, paul ryan, if you want to be a heartbeat away from the preside
's automatic tax increases and you look at the numbers and i'm sure-- if these things happen, you are going to have a government-created recession. >recession. >> schieffer: what do you think, newt gingrich? do you think the democrat and republicans will be able to get together after the election? because that seems to be the only chance that this might happen in order-- >> that will depend a lot-- whoever wins the election has to spend the first 60 days prior to being sworn in reaching out to the other party. i mean, this is-- where we are right now is utterly, totally irrational. and i think whether it's president obama, who would have to fundamentally change his strategy, or governor romney who din fact, work with democrats when he was the governor of massachusetts, whoever is president, if they're serious about solving this, has to reach out. i want to make a deeper point which is what michelle has been doing. it isn't enough to talk about bigger or smaller. we need a scale of innovation in getting these things to work. it's not about a cheaper or more expensive public school system but
economic theory of tax cuts for the rich, despite the fact he deny attend tax cuts, and the math. and let's go to war with sesame street but give wall street a big, wet, kiss, that is call what got us into this mess, we spent four years digging out of it. >>> meanwhile, gingrich saying the numbers were good for the president, but the overall picture is still gloomy. >> i think it was a significant help to the president. imagine coming out at 8.2 following the debate, i mean people would have entered the week saying it is close to the end. so it is part of the whole process, the campaign will go down to the end. it will be one of the most interesting campaigns in american history, i think you will see it go back and forth somewhat. on friday, the imf said probably no recovery until 2018. >> more reaction from them on the president's debate in just a moment. but first, here is the gallop daily tracking poll, mitt romney closing the gap on president obama, who still leads by three points, 49-46, and taking to the tv air waves, the romney camp claiming the president's plan will increase taxes
, being a tax cheat, swiss bank accounts, all that kind of stuff, can be rebutted. >> sean: what obama will say -- thus this will be mostly on the economy. obama will say, it's getting better. that was the recovery summer of 2010. >> but romney -- there were a whole lot of people right now who want to vote for romney. want to vote against obama. but they don't want to vote for romney because of all the negatives obama's piled on them which has not been answered. they're sitting on one side waiting for permission to jump over and vote for romney. in the debate, that he's not a monster, that he's a man of integrity and defending himself on this stuff, can absolutely encourage them to jump over and make it possible for them to do that. >> sean: what a joke all weekend, watching the obama people trying to lower expectations. >> yeah, right. >> sean: 2-1. >> let's par remember that most debates work in favor of the challenger. the challenger walks on and does a good job, like reagan did against carter, all the fears of him go away. carter against gerald ford in 1976. mondale against reagan
to a familiar theme, but does he need to do more? >> i will lower the tax rate. he wants to creat to raise them. i'll create jobs and he'll kill them. also marsha blackburn, bob shrum, and larry sabato from the university of virginia center for politics. as we head into first presidential debate, we'll talk about the state of america at home and abroad with the distinguished panel. michelle rhee, former head of the washington, d.c. school system and founder of students first. economist mark zandi of moody analytics. bob woodward, author of "the price of politics" and hendrick smith, author of the new book "who stole the american dream?." it's all ahead on "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. >> schieffer: and we welcome now to the broadcast new jersey governor chris christie. governor, thank you for being here. governor i have to start off by saying i don't hear very many republicans these days who think mitt romney is doing very well. what's your take here? >> well, he's had a tough couple of weeks. let's be honest. i
with him, sitting next to him, not having dinner, sitting next to al gore is taxing. it is really unpleasant. we asked him what was going on in the white house and he said 1%. i believe it is higher. but if we step back, we often don't know what is going on. that is the dilemma. i want to talk briefly and then answer questions about her new book that i have done, which is just out, called the price of politics. it is about 3.5 years of negotiations between the obama white house and the republicans in congress and the democrats. how they essentially tried to bring the federal government's financial house to some kind of order. the answer is they failed. we have a federal government whose financial house is in total disorder, total disarray. it is a historic problem. to try to put it in english, we have a trillion dollars of iou outstanding in the world. the negotiations, they agreed to raise what they call the debt ceiling, so the government can borrow a couple more trillion dollars. we are going to run it run out of that borrowing authority january or february of next year. they'r
direction. >> you know, in a lame duck session of the congress we had this big discussion about the bush tax cuts. the republicans are so far off their game right now their reaction today should have been well we told president obama to extend the bush tax cuts. you can't raise taxes on the job creators. they don't even know their own talking points. what do they do now? they come out and accuse the president and the bureau of labor statistics of cooking the books. what is the new 7.8 unemployment mean for obama's campaign strategy moving forward to get him re-elected? >> well, it gives him an opportunity to really paint the picture that we didn't do, he didn't do effectively in the debate. to me, now the stakes for the next debate become really critical. the president is a town hall format. the president needs to go in there and not allow governor romney to set the debate or control the debate or use facts that aren't real. he needs to sit there and look governor romney in the eye and say listen. you sit there and tell the american people they're not better off. tell the 5 million people th
/ryan tax plan will raise taxes on middle-class families with a child, one or more children, by an additional $2,000 a year. how -- all kidding aside, with all the boos, look, guys, this is deadly earnest, man. this is deadly earnest! how they can justify, how they can justify raising taxes on the middle class that's been buried the last four years, how in lord's name can they justify? >> god bless him. >> mark mckinnon -- i love him. mike, we love him. we love him! has anybody not told him, they've been in the white house for the past four years? buried? the middle class has been buried over the past four years. >> joe, i am being deadly earnest now, man. deadly earnest. okay? on how anybody -- how anybody can attempt to bury the vice president is beyond me. >> i'm not trying to bury him. i got a good laugh out of it. mark mckinnon, you think we may hear the middle class has been buried over the past four years? >> 47%, especially tonight. >> and it's fresh. >> it's fresh, it's new, it's relevant. the one other thing i'd mention, joe, just look at the general mood of the co
they might top it. >> arthel: and also a statement, romney pushing his tax policy, this weekend, right? >> reporter: of course in the wake of the debate in which the romney campaign it really defined the race, a choice between a dependency society with rising taxes that could hurt the recovery, versus the romney agenda which could cut taxes and rely fully on a smaller government and individual responsibility and entrepreneurial spirit and the romney campaign is attacking ever harder. here's a sample from last night. >> it has been calculated his tax plan raising taxes will cost 700,000 jobs. i will not raise taxes on small business and not raise taxes on middle income families. >> reporter: he will spend a little more time in florida and campaign here tomorrow and he has been doing a bit of debate prep with robhe senator from ohio and his debate sparring... playing the role of mr. obama and, monday, big foreign policy speech at the virginia military institute in virginia, and criticizing the president on foreign policy with specific criticisms of the way in which the administration han
versus substance. >> bob: i do think that obama will ask romney to explain the tax plan. ryan said it was too complicated to explain. >> eric: obama is not going to ask romney anything. >> bob: listen, they all end up asking each other questions. >> eric: what i would do if i'm romney, no matter what they ask, just go right back to the economy. just go right back to the economy. throw numbers out there. just stay on this. >> andrea: going tough and hard. but he can't go too hard and too tough, then the media says he's angry, now he's an angry rich man. >> bob: come up with the numbers you talk about. obama has to defend numbers but so does romney. >> eric: what number does he have to defend? >> bob: how he will cut taxes and balance the budget? >> dana: he has a good answer. obama has a tougher time explaining how in 2008, he ran on one thing regarding taxes. in 2010 he changed his mind to protect his tail. then now his whole plan is against what he said in 2010, is worst thing to do for the country. >> bob: that debate has been out there and argued over and over for four years. th
the fiscal cliff and the tax armageddon and the dysfunctional congress and all of this kind of thing. are there concrete steps the president can take as the principal foreign policy actor to reverse perceptions or to counter perceptions that the united states is in decline in terms of its global influence. >> the most important one by far is attempting to heal the rift domestically in answer to your first question we should have said what i think is the biggest change more than the five areas that tom talked about that weakens us which is that we have never been i.t. as politically polarized and divided. we have never had a dysfunctional congress or dysfunctional relationship between the two ends of pennsylvania avenue. so, the biggest thing the president can do, and he doesn't have to negotiate with any of the foreign partners to do it is to get a slide down the fiscal cliff that has a lot of lease soft landing at the bottom, and to attempt to go beyond that i think -- i hesitate to say this because it seems unlikely, but in trying to find some common ground on a range of domestic i
news sunday. >> lowering tax rates by broadening the tax base works. and you can -- >> but i have to -- you haven't given me the math. >> i don't have the time -- it would take me too long to go through all of the math. let me say it this way, you can lower tax rates by 20% across the board, by closing loopholes and still have preferences for the middle class for things like charitable deductions for home purchases, for health care. >> where is the math? and is mitt romney going to be under pressure in this debate to produce the specifics as to how it will all add up? >> well, andrea, first that's a laughable question. where's the president's plan? he's had four years, 23 million people don't have work. so let's start with that. >> the question was asked by -- the question was asked by chris wallace on fox, being asked by other republicans, where is the math, how do you add up those tax cuts, even eliminating some deductions, which deductions would you eliminate, let's be specific and how will you do that and reach deficit reduction, which programs will be cut? >> the question is,
about tax cuts for the wealthy. he says that the wealthy will take just as much under the romney administration as they paid today. >> you can see jersey governor chris christie saying what mitt romney has been claiming, say that this barack obama ads are false. he wants to correct the record on obamacare and medicare, et cetera. very, very tough stuff f. mr. romney can accuse him of lying, that will be a very, very sharp moment. both sides trying to downplay the expectations in all of this, with the belief that if you can set the barlow enough, either one of them can jump over it. >> jamie: we have seen a lot of that. on the sunday shows today. carl, you have been to a number of debates. any inside intel on the keys that the viewers should be watching for from home on wednesday night? >> personality. whether or not each of these men are engaged, empathetic with the voter concerns and have sharp, catchy answers. the battle over facts and who scores the most points or lands the most blows, often that gettings a lot of headlines, but there is a feeling that sets in, a day or two af
attacks and renewed his call for job-killing tax hikes. earlier today, the president's senior campaign advisor david axelrod said this about the debate. the president's never satisfied with his performance. he is always challenging himself. and he will review it if he wants to make changes in the next debate, he will do so. what he was satisfied with was that he went and told the american people the truth as i mentioned polls show most americans governor romney won the debate. you can see it's not even close in this cnn survey. but almost half the viewers also said the debate did not effect how they will vote in november. these overnight surveys are instant, emotional reaction that could change down the road. campaign carl cammeron is live at governor romney's rally in fisher'sville virginia. >> humble. campaign thinks he ran away. trace atkins warming up the crowd here. right in the heart of shenandoah valley. very red part of the state. began in denver in the wake of last night's debate. he called surprise at colorado action conference. the crowd absolutely ate it up. romney reiterat
a plan that romney hs apparently floated for basically a $17,000 cap on tax deductions for americans. explain it. you've crunched the number. what's the headline here? >> tyler, the headline here is that the romney campaign e-mailed me this morning on this. they say they want to make very clear this is not a specific proposal from governor romney, that he's just floating one idea among many. the idea that he's put out there though would be a $17,000 cap on deductions. you could take your mortgage deduction, charitable deductions or other deductions up to $17,000, and then no more. that would definitely raise taxes on some taxpayers, even if romney's able to bring the overall tax rates down, which he says he wants to do. who gets hurt in this scenario? people with huge mortgages. people who donate a lot of money to charity and people who have overall high deductions. they might lose more here than they gain by the rates being lowered overall. that is who's going to get squeezed under this proposal but the romney campaign saying not a specific idea, just kicking around things verbally
Search Results 0 to 49 of about 71 (some duplicates have been removed)

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